debarya wrote:
went for option C, where they and their both refer to property values.
no. in that answer choice, “their” refers to homeowners, not property values.
to make this extra clear:
you see:
their equityask yourself: whose equity?
the answer is “homeowners' equity”, not “property values' equity” (in fact, the latter of these wouldn't make sense in any context).
Quote:
2) Also, is it that usage of pronoun does not necessarily refer back to immediate noun (like the case of which, who)...
i'm sorry, but i don't understand what you're asking here.